The Lithuanian mobile operator stays a step closer to acquiring Latvian media companies.
The Government of the Republic of Latvia gave the green light to the deal, which will result in the Lithuanian mobile operator Bite Lietuva’s gaining control over all media assets of the Swedish MTG Broadcasting AB Group in Latvia. This is about the TV channels of the TV3 Latvia Group like TV6, LNT, “Kanal 2”, the radio station Star FM, and a number of other Internet portals and companies.
Under the terms of the agreement, the Bite Lietuva will buy out 100% of MTG Broadcasting AB’s business in Latvia. The deal value is estimated at 115 million euros. To close on the Bite Lietuva’s purchase, it is still required an authorization of the Competition Council of Latvia.
The Bite Lietuva carries out its operator activities under the management of the US investment company Providence Equity Partners, which also controls a 28.5% stake in the Latvian telecom provider Baltcom.